This is the argument made by journalist A.Q. Smith at the website of Current Affairs: A Magazine of Politics and Culture.
Here is a taste of his essay “It’s Basically Just Immoral to be Rich.”
Of course, when you start talking about whether it is moral to be rich, you end up heading down some difficult logical paths. If I am obligated to use my wealth to help people, am I not obligated to keep doing so until I am myself a pauper? Surely this obligation attaches to anyone who consumes luxuries they do not need, or who has some savings that they are not spending on malaria treatment for children. But the central point I want to make here is that the moral duty becomes greater the more wealth you have. If you end up with a $50,000 a year or $100,000 a year salary, we can debate what amount you should spend on helping other people. But if you earn $250,000 or 1 million, it’s quite clear that the bulk of your income should be given away. You can live very comfortably on $100,000 or so and have luxury and indulgence, so anything beyond is almost indisputably indefensible. And the super-rich, the infamous “millionaires and billionaires”, are constantly squandering resources that could be used to create wonderful and humane things. If you’re a billionaire, you could literally open a hospital and make it free. You could buy up a bunch of abandoned Baltimore rowhouses, do them up, and give them to families. You could help make sure no child ever had to go without lunch.
We can define something like a “maximum moral income” beyond which it’s obviously inexcusable not to give away all of your money. It might be 50 thousand. Call it 100, though. Per person. With an additional 50 allowed per child. This means two parents with a child can still earn $250,000! That’s so much money. And you can keep it. But everyone who earns anything beyond it is obligated to give the excess away in its entirety. The refusal to do so means intentionally allowing others to suffer, a statement which is true regardless of whether you “earned” or “deserved” the income you were originally given. (Personally, I think the maximum moral income is probably much lower, but let’s just set it here so that everyone can agree on it. I do tend to think that moral requirements should be attainable in practice, and a $30k threshold would actually require people experience some deprivation whereas a $100k threshold indisputably still leaves you with an incredibly comfortable lifestyle better than almost any other had by anyone in history.)
Of course, wealthy people do give away money, but so often in piecemeal and self-interested and foolish ways. They’ll donate to colleges with huge endowments to get needless buildings built and named after them. David Geffen will pay to open a school for the children of wealthy university faculty, and somehow be praised for it. Mark Zuckerberg will squander millions of dollars trying to fix Newark’s schools by hiring $1000-a-day-consultants. Brad Pitt will try to build homes for Katrina victims in New Orleans, but will insist that they’re architecturally cutting-edge and funky looking, instead of just trying to make as many simple houses as possible. Just as the rich can’t be trusted to spend their money well generally, they’re colossally terrible at giving it away. This is because so much is about self-aggrandizement, and “philanthropy” is far more about the donor than the donee. Furthermore, if you’re a multi-billionaire, giving away $1 billion is morally meaningless. If you’ve got $3 billion, and you give away 1, you’re still incredibly wealthy, and thus still harming many people through your retention of wealth. You have to get rid of all of it, beyond the maximum moral income.
The central point, however, is this: it is not justifiable to retain vast wealth. This is because that wealth has the potential to help people who are suffering, and by not helping them you are letting them suffer. It does not make a difference whether you earned the vast wealth. The point is that you have it. And whether or not we should raise the tax rates, or cap CEO pay, or rearrange the economic system, we should all be able to acknowledge, before we discuss anything else, that it is immoral to be rich. That much is clear.
Read the entire piece here.